The Hartford adds 800 employees with $2.2B Navigators acquisition

Photo | The Hartford The Hartford's headquarters.

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By Joe Cooper

As expected, property and casualty insurer The Hartford on Thursday closed on its $2.2 billion acquisition of Stamford global speciality underwriter Navigators Group Inc.

The Hartford said it will add more than 800 Navigators employees worldwide with the $70-a-share purchase.

The companies last week received all regulatory approvals for the deal, which was originally announced in August and approved by Navigators shareholders in November.

Under the deal, The Hartford will combine Navigators’ operations and its specialty commercial and middle market businesses into two new segments: middle/larger commercial and global specialty.

The middle/large commercial business will focus on workers’ compensation, general liability, auto liability and property insurance, among other functions. A. Morris “Mo” Tooker, The Hartford’s head of middle market, will oversee the middle and large commercial segment.

The global specialty business, led by Vincent C. Tizzio, president of Navigators’ U.S. Insurance operation, will provide speciality products through retail and wholesale outlets.

Navigators CEO Stanley A. Galanski, who has served as the underwriter’s chief executive since 2003, will serve an executive advisory role during the transition period.

The combined property and casualty business will operate under The Hartford’s brand, and reinsurance and U.S. wholesale businesses will be marketed as “Navigators, a brand of The Hartford.”

With the purchase, The Hartford adds a global underwriter known for its presence in the global marine, construction and energy industries. The Hartford has estimated the acquisition will add annual profits of $30 million to $75 million by 2020.

“Our combined capabilities and shared commitment to underwriting excellence enable The Hartford to offer a more diversified array of products through a broader distribution network, with an expanded geographic reach,” said Doug Elliot, president of The Hartford.